We can say that in a monopoly, the price is always higher than the socially optimal price
EXAMPLE: a pharmaceutical company brings out a new medicine for diabetes. It acquires a patent from the government for the production of that medicine implying that only that pharma company has the right to produce the medicine till the patent expires. This leads to a monopoly situation in the market. Now this pharma company can charge the highest price possible so that its profit is maximum since it is the sole producer of that medicine.
Answer:
Standardized
Explanation:
Factories produced standardized parts. They mass produce parts with machines to make it a certain way so it is the most efficient use of resources available and reduce the cost of making the item.
I believe the answer you're looking for is the factory system.
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